analysis the ministration made it look as if we were going after china and china almost universally people in china believe that the pivot is aimed at containing china well isn't that surprising that many people in russia to believe that the reset was essentially never aimed that the improving. the relations it was rather and the enabling the aggressor for belligerent foreign policy of the united states isn't this sort of. isn't that striking how these two powers see them merican intentions in pretty much the same light where you can write an infinite an interesting but not very happy story of how one year a poll in free the frizz of george h.w. bush in one thousand nine hundred two migrated during the course of the clinton administration then the george w. bush administration and finally through the obama administration into a mishmash of ideas about expanding american idealistic intentions and expanding nato right up to russia's borders and the thoughts of some great people like george kennan and. robert hutchings and jack matlock to show restraint in this area were overlooked rig

i think china has to deal with the grab for china itself.ning that, you know, what china does at home oftentimes does abroad. when china goes domestically and causes problems with the environment or with its labor practices or corruption and it goes abroad and exports those practices, then it has, you know, its own problems. probably on a security front there are some reasons for concern. you know, as we see china sort of spreading its wings in the east and south china seas, some of that is tied into potential for oil and gas reserves and for the fisheries. far more than that is driven by nationalism within china. it's important to disentangle those issues. how are we going to respond to? >> strategically there's things the u.s. has to deal with. >>. >> we thought we found the biggest impact -- where we saw the biggest impact or the impact on crisis. we've seen enormous increases. particularly in the price of oil. if you asked most analysts, they would have said $20 a barrel. now $100 a barrel is normal. we've seen enormous increases in the

>> i think germany needs china more than china needs germany.germany is interested in how -- china did a deal with russia over gas. making good friends with china right now is probably in germany's interest. something that happened during the news conference i thought would really irritate angela merkel. said mrs. merkel, i would like to remind you that this is the anniversary of the july 7 china byor attack on japan. has done this before. jinping's last visit to berlin, there was a request by authorities to visit the holocaust memorial. and it was refused. >> you are in berlin. >> it was refused because germany does not want to get involved in this spat between china and japan. really irritating for misses merkel to actually have this happen right in the press conference while they are talking about the relationship between germany. germany has repeatedly apologized where is allegedly japan hasn't. seems to want to draw germany into its political influence and sphere. haveould think it could more a sphere of influence in eu. >> to give got germ

china relations?>> i would say they are competitive and tense because there are more and more issues that seem to be going unresolved. >> economically, militarily. >> mostly economic. in terms of military capability, china is way behind the u.s. i would characterise that as being exceptive at the point. china is investing more in the military capabilities. at some point in the future it can be competitive as well. to fenned off any sort of, you know, escalation in the areas. it would be dangerous. >> it's in no one's interest. i believe that the u.s. needs to have a different approach with china. because by coming at them with hostile rhetoric, i don't think this helps the relationship. china is engaged in aggression. it took the philippines in 2012, that's a naked lack of aggression. and the senkaku islands, by china calls the diaoyu island. the united states doesn't take a position on who is right and who has sovereignty, but the islander reef insists on peaceful resolution, and china has used force

wealth is extremely concentrated in china the rich people of china will immediately take their money and we're talking about trillions of dollars out of china i mean despite capital control there are just thousands of channels where people do get the money out of china including bribing chinese government officials to turn a blind eye to that moving money out of china. you know in a matter of months you can see hundreds of billions even over a trillion dollars dollars leaving china of you know two offshore locations on the other hand if they don't let rates go down and be you know maybe even in response to capital flight increased interest rates in china which is really one of the response you can have when you're facing now for flights then you would see massive bankruptcy of a lot of companies they have chosen so far for middle road right now which is to maintain rates at a relatively high level. and that's causing a lot of difficulties or so it was the housing market is going down with no end in sight a lot of risk that the upper smaller wall or else it will proceed going bankrupt

and from china so. it's his party with us. ok peggy can you hear me yes oh wonderful ok peggy welcome to the program thanks so much for joining us here oh thanks for having me let's start with you how did you develop such strong interest in sustainability of the environment and clean energy particularly as it pertains to trying. but you know i wish i could say it was some grand scheme but really it started when i was very young and my mother really loves gardening she loves cooking and i think that appreciation for being in nature really leaves the you to. want to have a sustainable earth and and i think in china it's you know every day you breathe this terrible error and you have food safety issues you have water safety issues and it's inevitable that you're going to want a greener cleaner in china so really it's as simple as that ok tell us about the j u c c c what does and how did it start what's its overall mission. well juice is a nonprofit as you mentioned that started in two thousand and seven ou

air china advancing on reports that bank of china may be -- that air china may be buying new jets.he government likely to increase the share of energy efficient cars. so maybe not as many a8's in the mix. >> now, shares of chinese car makers have in fact started trading. this after beijing order -- marching marched -- orders. david with bring us up to speed. excuse the pun. which you wrote, by the way. >> that's right. every year the government buys a new fleet of vehicle. there is a requirement now that by 2016, 30% of what they buy will be alternative vehicles. that's either electric cars, plug-in hybrids or fuel cell. that's the requirements for city. outside the big city, places where pollution is not as bad as beijing. 10% this year minimum, 20% and 30% by 23016. that's the statement right there if you want to take a look at it. incentives. >> you're handing me a statement in chinese. >> what? >>le camera couldn't zoom in on that but david just gave me a statement written in pure mandarin. >> that's mandarin, right. >> which you can read, right? >> i'm ok. so that's mainly wha

china has pledged to buy twenty. twenty they're going to reduce their carbon intensity that's the amount of c o two per unit of economic growth by forty to forty five percent from twenty two thousand rivals to china's going to schools. well i mean we hope so i think everybody should pray that we do but i think we have to put those numbers in perspective because that's sort of a number that. you know. if you don't understand what that means you might you might think that hey china is actually reducing its cold use completely but actually what that means is that the the trajectory of coal use is like this and it's really trying to bend the curve right so by twenty thirty five even if china brings the amount of coal in the energy mix of. generating electricity from eighty percent to sixty six percent by two thousand and thirty five what that means is we're still tripling the amount of total cold used so if you want to put things in perspective china is this teenager that's really growing fast except it's not just any te

sticking to the theme of china china's rise over the past decade has been tremendous but some analysts see problems on the horizon and some analysts argue that excesses have built up possibly destabilizing the chinese economy so to get an update on what's happening in china and in the property markets and shadow banking sector i spoke to george magnus economist and author of the book uprising will emerging market shape or shake the world economy now i first asked him to explain why he believes that china's property downturn has barely begun to take a look at what he had in terms of you know proud residential real estate prices in the commercial land prices state they have been dropping since the end of last year and they still up in terms of year over year comparisons but the sequential changes since the end of last year have clearly indicating that something new is is just starting and you know you wouldn't expect it to to end up to three or four months so it really is against the background of two things which actually have never happened in chinese property cycles before in the last

our non-stop khan do service on united we'll have a great privilege serving china thirty years and china is one of the most fast growing dynamic and fast growing united has twice as much capacity to china than other other flights. so mike's talked about the fact please indulge we're extremely proud the gateway at the sfo and it's made possible by the amazing people and businesses and all the places in san francisco and up and down the west coast and we offer, of course, more service around the bay area than any other airline and united operates more than 3 hundred flight to more than 90 designations around the world and in addition, we also offer non-stop to cities around the united states and europe and latino america and canada so we have the world covered for you and now, of course, adding changing do we're honored that mr. mayor is here and the people from the general council from china and all of you are customers a lot of our important travel partners and media we're tliefrld i'm going to turn it over to our fabulous mc mr. mike. thank you, again everything that's a pleasure to be

nearby, china telecom and china mobile are also building facilities.ll three will be chipping in for infrastructure around the area, including a fiber-optic network. march 2015, the company projected an output of 5.6 billion dollars from its facility, with 12,000 workers on site. foxconn is touting this as her greenest and most high-tech industrial park. it is not only the manufacturing process is green. they treat their wastewater the fruit heren is tested for safety. moving a big step forward, unlike past investments. probably because is what they want to do eventually, moving away from labor intensive, low pocket margin manufacturing. they're operating at the forefront of high technology industries. eventually, they want to service to clients at every step of the change from components to consumers, and perhaps one day they may even supply clients all the way from raw materials to final delivery of consumer products. >> once we do the foundation here, it will take time, maybe 3-5 years, and then we will get -- we don't want to go back to divisional,

and merkel in china. germany's chancellor and top executives push for more trade between the two countries. welcome to "the pulse." i am olivia sterns. you are watching bloomberg tv. we are here at the european headquarters in london. coming up on the program, we go behind the scenes of pro cycling. we're going to take you on a tour with the leader of the top team in the tour de france to make sure what may -- to find out what makes him tick. the new car for royalty and the superrich. we begin with a bloomberg tv exclusive. over the weekend, we were speaking with france's finance europe economic conference and he said he would like to see less dominance of the dollar. >> we sell ourselves aircraft in dollars. is that really necessary? i do not think so. airbus can sell it to air france in euros. it would create stability for airbus and air france. so we can avoid this exchange rate risk. euro really be an alternative to the dollar considering that 60% of the reserves of central banks are in dollars? dimin

china relations and china's own economic reform effort. should be a high priority for both governments and pleased to see them making progress. we look forward to hearing from secretary lu on what his priorities will be for the u.s.-china economic discussions. the format will be a moderated conversation followed by a few questions. moderating the event for the economic indicator. at the conclusion, please remain in your seats and we will allow the secretary to leave the event. please join me in welcoming secretary lew. [applause] >> there are quite a few issues on the mobile landscape at the moment you are dealing with. we will of course start with the issues we are facing. can you give us a sense of what has changed since the last gathering a year ago? >> let me start by thanking you and the u.s. china business council for hosting this event this morning. it is very important to us as we approach this to have a conversation at home and communicate what it is our objectives are and how we see it. is been a year full of a number of events t

an apparel retailer in china. amazon china. he did not sell joyo for a lot to amazon.did he learn? >> he was an early entrepreneur in the internet space in china. he had kingsoft and a few other companies before doing xiaomi. every single one, he felt that he did not capture the right trend in the right way. when he was doing his start, others like jack ma were just starting out. seeing all of these other giants and he wanted to try hard with his company. he thought he was the hardest working guy in the business. how come their market cap is a lot smaller? he thought the mobile was the next big trend and nailed it. >> in your story, you say he works six days a week? 10-10? >> maybe seven. i could have an e-mail that i sent to him at midnight and he will respond at 1:00. can talk until 2:00. >> would you say he is on the scale of robin lee, jack ma, is he that big? >> he is. the question is how much bigger he goes. xiaomi is a unique company brand where it has the capability and aspirations to go global. with an internet company wrapped in the candy of colorful hardware

and i china academi economic dialogue. china holds more u.s.debt than any other country but the u.s. is a key export for chinese goods. those two facts hold the nation he together. although strange every cyber spying, beijing rejects those charges and accuses washington of hypocrisy saying it has been hacked in the past. last month, are chinese presidentpresident ji jing ping. the coming collapse of china, i asked if the dispute in the south china sea was beijing simply vying for more regional influence or testing u.s. power in the region? >> clearly they think the united states is in terminal decline and so they do test us and they test every american president who takes office. the other thing is china believes it has right to territory under control of others. this is from india to the south to south korea in the south. feeling pressure from beijing because china has these territorial claims which in some cases are illogical and expansive. >> what do you think of this miss li, do you come face to face with cloin? >> i would think that these

we have difficulty with china in the east china sea.rowing maritime activities of china must not cause tensions to neighboring countries. that would be unacceptable. territorial issues and the seabed resource issues must be resolved through dialogue according to international rules. change of the status quo with force is not acceptable. this is a consensus of asean nations and asian countries as a whole. that is why we believe that we should deal with china through dialogue in close coordination with other countries concerned. >> you mentioned a mechanism of dialogue between japan and china. at sea or in the air, between militaries, unintended collisions, unalerted encounters, if they occur could escalate. that be wiwould be a great conc. so communication lines should be in place between crews and top military officers to quickly respond to any unintended incidents. and that is the maritime communications mechanism that we intend to establish with china. the first administration agreed with then chinese president hu jintao to establish

yeah that's a good question and i have this discussion with lots of people in china and out of china about you know how they envisage the evolution of the chinese economy as it transitions from double digit growth you know we've had a decade or more in which china has grown a ten or eleven percent per annum and it's now growing at around seven seven and a half and my guess is over the next three or four years it's going to transition into a growth trend that's closer to around four percent but none of us really know to be honest whether that's going to be dumb you know well or managed you know nobody gets hurt kind of way or whether it's going to be more disruptive it will just drop a more violent and i think that the problem is that because construction is such a high proportion of total investment spending and therefore of economic growth that. the danger is not so much that we get a price collapse in china or a banking collapse which is what we had in the west in two thousand and eight two thousand and nine but that you just get a knock on nasty kind of bump in terms of economic g

-china relations and to china's own economic reform efforts.sult we believe those negotiations should be accurate for both governments and are pleased to see them making progress. we look forward to hearing from secretary lew about what his priorities would be for this year's u.s.-china economic discussions. the format of today's event will be a moderated conversation followed by a few questions from the audience. moderating the event will be "the wall street journal"'s current economics editor for the newspaper. at the conclusion of the discussion and questions and answers, please remain in your seats and we will allow the secretary to leave the event. these join me in welcoming secretary lew. [applause] >> secretary lew, there are quite a few issues on the global landscape at the moment that you're dealing with. we, of course, will start with all of the issues you're going to be facing at the s&ed. what has changed since last having a year ago? >> let me start by thanking you and his china business council and erin for open -- hosting hog thi

what about china? industrial profit gaining. all's well that reports well in china.overy in economy is happening a bit faster than we expected. we're been saying that going into fourth quarter we would see a broad-based recovery and asset prices, economic activity. when you look at the june data, you can start to see some evidence of that creeping through already. >> faster than expected. do you think the mini stimulus we have been seeing has certainly had something to do with it? >> that is right. the downturn in the property market in particular set the alarm bells ringing in beijing. the first four months -- even in may, things looked pretty horrible. we did see a recovery in june in residential sales value -- volume, which does give us some course sash -- some cause for optimism. until they get a meaningful stabilization on the property market, they will stick with the mini stimulus. >> is at optimism enough for you to increase or bets on china? >> two months ago we went all in. we just have to wait and see. as i said, until property prices in china start going u

but that is all changing as china agitates in the south china and east china seas.u feel that the facts on the ground could change the business relationship, moving forward? >> in some ways, i think it will accrue to the benefit of u.s. companies. people like the idea of doing business with america. they liked the idea that they can trust the delivery, service. some of these concerns in some ways accrue to the u.s.. we have pivoted to asia. there is a u.s. pivot to asia. i think that can benefit u.s. firms. >> thank you for joining us. up, more on what our reporters will be watching when markets kick off. >> there is the bell. we are taking a look ahead to the opens in japan. our intrepid reporters are here to tell us the stuff they are keeping an ion. let me guess -- something to do with wimbledon. >> djokovic of course won wimbledon. ,-- uniqlo, the sponsor. >> there it is. sponsorship,r beginning in 2012, may. i am not guaranteeing a shareprice move. the brand will be happy with this second wimbledon final. >> it think they are going to share that shirt? >> i ima

how china's resource quest is changing the world. then we'll turn to a conversation with malaysian-born singer-song wrirlt yuna whose second album "nocturnal" has earned her a devoted following in the u.s. those conversations coming up right now.

this reflects the views of both china and russia. participants also agreed to set up a new development bank based in china's economic hub, shanghai. with $100 billion, it's designed to pave the way for new world order led by emerging economies. it appears china wants to exert greater influence over other economies through the bank. >> translator: i'm grateful to everyone for supporting setting up the bank. we'll work closely with all parties to start operations as soon as possible. >> reporter: but it's unclear whether everything will go as china hopes. xi met with indian prime minister narendra modi on the sidelines of the summit. they agreed to cooperate on infrastructure building and other areas. at the same time, xi invited modi to a meeting of the asia pacific economic cooperation forum in beijing in november. but modi brought up a bilateral border issue, underlining the gap between the two countries. india, in an effort to rebuild its economy, has been placing greater importance on ties with japan, whose relation with china has

china is showing strong interest in the region. and the united states considers it a new focus in its asian policy. japan invited the ten asean leaders for a special summit with prime minister shinzo abe last december. a presidential spokesperson said that the meeting will be the most important diplomatic event to take place in south korea this year. >>> leaders from tokyo and pyongyang have agreed to try to close an issue that's been in the way since the end of world war ii. they're in discussions of how to handle the remains of japanese who died on the korean peninsula about 70 years ago. and now relatives of the deceased are asking their government to take more responsibility for the issue. the two countries agreed in may to talk about the return of the remains of about 20,000 japanese still in north korea. this was part of a larger agreement on an investigation into the fate of missing japanese, including those abducted by north korea. a group of bereaved families visited the country last month to pray, but they've decided to s

is human trafficking allowed in china? is it legal in china for the people to be bullied? this is what i want to ask." both my parents are journalists. my grandfathers are journalists. it's just something that's in the blood. there are so many stories out there that need to be told. we want to go in to the trenches, we want to go in the corners that are less looked at. everyone at al jazeera america is dedicated to tell the story the best way that it can be told. >> israel's invasion of gaza continues tonight. >> we have been hearing a lot of tank shelling coming from where we are, here. >> every single one of these buildings shook violently. >> for continuing coverage of the israeli / palestinian conflict, stay with al jazeera america, your global news leader. >> al jazeera america >> this is the very tail section it was burning when we got here >> unbiased reporting... >> the violence has continued >> the violence has continued just a couple of miles from here >> in depth coverage... >> we've got a military escort allowing us to feel a further than everyone else... >> re

from china.ook a look at this broken club and realized right away it was fake. >> but fake golf clubs don't begin to suggest the enormity of the problem. >> we have never seen a problem of this size and magnitude in world history. >> now, hang on. in world history. >> there's more counterfeiting going on in china now than we've ever seen anywhere. >> dan chow should know. a law professor at ohio state university, his specialty is chinese counterfeiting. we know that 15% to 20% of all goods in china are counterfeit. >> and these days, the way china's economy is booming, 15% to 20% means tens of billions of dollars. idence of the counterfeiting trade can be seen at this hong kong warehouse where counterfeit watches, shoes, computer chips, all copied in china, and seized in hong kong, are tossed onto a conveyor belt, and consigned to the dust bin of history. but it's like stopping the rain, the seizure may look impressive, but every day, 6,000 shipping containers leave hong kong's harbor for the u.s

also have a distrust of china. and china is the only friend of north korea. very interesting dynamic. some are saying this is president xi jinping's efforts to broaden severe influence over this area and limit the united states by cozying closer to south korea. what they have been saying about the the nuclear -- the wantclearization, is they to get back to the table. we know that russia and china seem to be writing from the same page or reading from the same page right now. there is a lot of conflict. that is why these talks didn't go anywhere until 2008 and haven't even restarted. korea.ing up to north i would say cozying up. time ofions at the same this meeting between xi and park. >> there is trade which is going to be fundamental. north korea is the elephant in the room. >> it is. kim jong-un has been conducting missile tests. it is in everyone's best interests to have a de-nuclearized peninsula. the chinese communique talked tion of de0 nucleariza the entire peninsula. that would include tactical missiles that the united states mice have. they have a lot

day two of a three-day stroist china. these are live images coming through from there at the moment. we do have, of course, arriving here three-day visit, accompanied by a whole gamut of business executives from germany as they try to drum up trade between the two countries. let's look in more detail and get to beijing itself. stephen engle is there with a closer look at the visit here. steve? >> i'm looking at it just as you are right here. she's going to be given full military honor welcome to beijing as the premier hosts her. met her last night after she flew in, her first stop on the three, almost four-day trip to china. her seventh trip to china as chancellor since taking over as chancellor in 2005 and trade will be the focus of this visit last night. as i said, she flew in, merkel met with the premier and two, of course 0, exchanged the pleasantries before the cameras about the importance of building mute chur trust and, of course, business. germany is china's largest trading partner in europe and obviously china is

or to mean allowing or that it's not up to the united states who does business with china or china does business mess. with the whole notion that we could disallow is that somebody can sense. that's it so i think that people will do business with china because it's profitable and paid since they have good deals and they approach people and that way they say hey look let's do business we come in and say let's have military bases let us buy your government and that's your payoffs and so you will do it we won't we'll put military bases this is totally different approach and that was dr paul craig roberts. time now for a very quick break but stick around because when we return dr barry eichengreen is on the show he's a well a well known professor of macro economics and political science at the university of california berkeley and he sat down with me earlier today to discuss the practice of mixing regulatory and foreign policy like oil and water and in today's big deal i wrote errors and i are discussing the annual bric summit being how the brazil right now and don't forget you can see all

that is what it would be in china. this is the seventh visit as chancellor to china. she took over in 2005. seven visits. she will be down. she will be with the volkswagen chairman. she is bringing a list of german enterprise. airbus, love todd's a -- louis vuitton's a -- l ufthansa. heinrich.e head and a factory opening up later on this year. auto parts and there was an interesting stat. installede elevators a going into china. not surprising. there is a lot of investment opportunity. >> thank you very much. >> you bet. 's corruptionent crackdown may be about killing two birds with one stone and maybe more birds than that. it may be doing more than consolidating power. the china correspondent joins us for a closer look. welcome. what have we seen from the initiative in the campaign? >> as you know, he launched a campaign after- becoming the chief in november of 2012. so far, there are more than 40 officials. they are called tigers and there are more than 400 captured. you are right that there are several drivers behind the initiative. one that is mentioned is the upc

china is in the big picture here. china has an opportunity to play multi lateral, and the question is whether it will be able to do as suggested. brazil and abou and india, they have very few interests in common with russia and china. >> how are these country going to benefit themselves with that lateral effort. >> i do think that every single country benefits from being at the bricks it was a clear sign of the >> china gets the opportunity to play a multilateral role. the question is if it's able to do so. then you look at the three others. for south africa it may be nice to be in a big group. it's not held in good regard. brazil and india - very few interests in common are russia and china. >> take us there - how will the countries benefit from the collaborative effort? >> i do think that every single country benefits from being at the brics. just to give you an example - we have to remember that the brics as a group was launched in 2009, one year after the russian intervention in georgia. and it was a clear sign of

supply in the china scare has called for a recall.ties say almost 70% of the repackaged meat has been sold. five people have been attained. icbc aims to raise 13 billion dollars in preferred shares. bank of china and the agricultural bank will have massive share so this year. china's four against lenders may have a capital shortfall of $87 billion by 2019. -- e -- bo accusesse beat investor in china, jim chanos was once again questioned about that country's economic model. heaking to charlie rose, says why he remains unconvinced. >> just completely wide open. more and more credit is going to support less and less growth. in the chinese economy, based on basically construction, it is really manufactured growth. the minute you stick a shovel on the ground and put up a building, that counts as gdp. but when you finish building it, you've got to put up another one. it is not based on ongoing consumption. optimist four years ago is still elusive. >> and some of those buildings are still vacant. >> a lot of them and will never be profitable

china relations and china's own economic reform effort. we believe they should be a high priority for both governments and pleased to see them making progress. secretary lew on what his priorities will be for the u.s.china economic discussions. the format will be a moderated conversation followed by a few questions. moderating the event for the economic indicator. at the conclusion, please remain in your seats and we will allow the secretary to leave the event. please join me in welcoming secretary lew. [applause] >> there are quite a few issues on the global landscape at the moment you are dealing with. we will of course start with the issues we are facing. can you give us a sense of what has changed since the last gathering a year ago? >> let me start by thanking you and the u.s. china business council for hosting this event this morning. it is very important to us as we approach this to have a conversation at home and communicate what it is our objectives are and how we see it. honestly, this is been a year full of a number of events th

the deal is that the biggest publicly traded steelmaker in china is taking an interest rate -- in chinah the stock today. >> what you have your eye on? >> sharp. a report from the nikkei newspaper that they will be their european appliance business. lcd tvs. it is not a big part of the business. 80% of overseas revenue focusing on the usn asia -- u.s. and asia. >> the u.s. jobs way better than forecasted today. u.s.. the sales in the ecb president druggie talking about rates remain at present levels for a long time. europe is a third of that sales. for canon, adrs are down. a lot of the money overseas. >> those three stocks we are watching. that is the verdict from the stock exchange. we will be back in an hour to see how the bea short seller who must pleased. carson blocks target takes another tumble. employers ramping up hiring in the u.s. setting off a stock market advance set to spread to asia. to you.ning i'm angie lau. welcome to "first up." it's friday and we're coming to live from our asian headquarters in hong kong. positivetoday with news for asia-pacific investors that the do

pursued in china. . one of the hallmarks of this government that they are serious about reforming financial markets and reforming and freeing up the exchange rate. i don't think that was a rejection of moral of this -- more liberalization. . . they do have to >> revisit -- they do have to revisit. of capitalnds restrictions over time will be looked at, no doubt about that. and china, they take one step at a time. it is a cautious path, a cautious approach. ,ut these kinds of restrictions i'm sure, over several years, are going to largely disappear. german buta proud you did not watch the match last night. >> no. [laughter] it was at a very inconvenient time. i am half spanish and i still don't watch football. it is amazing that germany one against brazil in brazil. >> against argentina. >> yes. [laughter] >> we will let you off. >> it is great for germany, i'm sure. but i do not think it will have any they like the weight and importance to the international 2016 --hat hosting the the 2006 had. that was t